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Gas Eating Up More Credit Card Spending For Lower Income Families

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By Alex Lang New York (Knewz) — Despite the looming threat of an economic downturn, Americans are still turning to plastic to make purchases. A recent study by Bank of America found credit and debit card spending is up 11 percent in June 2022 compared to June 2021. Credit card spending was up 16 percent in the time period, while debit card usage was up 6 percent. “Consumers are in better shape to respond to a slowdown in the U.S. economy than they have been in many previous business cycles,” said David Tinsley, senior economist for the Bank of America Institute. “But with some slowdown in serv…

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